Over Half of US Mobile Consumers Use Price Comparison Apps
New Yankee Group data underscores the mobile challenge for brick-and-mortar stores.
Boston, MA Aug 7, 2012 - The $4 trillion retail business in the U.S. is being forever altered by mobile shopping applications. A new Yankee Group report, "How Brick-and-Mortars Can Thrive in a Smartphone World," indicates that 46 percent of U.S. consumers use their smartphones to check prices and reviews while shopping at retail stores, up 5 percent from 2010. And armed with that information, nearly half buy a less expensive product elsewhere.
"Our survey is a wakeup call?this adds up to millions in potential lost revenue for brick-and-mortars," said Sheryl Kingstone, Yankee Group research director and author of the report. "Retailers must embrace mobile beyond price comparison and target consumers who are not solely driven by price. Engaging mobile consumers with tools such as inventory availability, real-time personalized offers, personal shoppers and self-checkout will make the difference between retail success and failure in the new mobile economy."
Other findings from the report include:
- Mobile is a fundamental part of the shopping experience. Fifty-four percent of consumers have downloaded a mobile shopping application, and 24 percent consider mobile shopping applications essential.
- Online sites are trusted more than traditional retailers. Fifty-six percent of consumers say they trust online sites such as Amazon over traditional brick-and-mortar retailers for tasks such as price comparisons.
- High-income consumers lead the way. High-income users are more likely to download price comparison applications?and use the information to either buy from a different store or request a price match. Eighty-three percent of consumers whose income is over U.S.$200,000 are likely to use the information to purchase the product online instead.
Yankee Group is the preeminent research and advisory firm equipping companies to profit in a mobile world. The core of our content is proprietary research and analytics on the attitudes, behaviors and usage patterns of mobile users. Based on this research, we provide a range of actionable data, insights and advice to marketing, strategy and product executives driving the mobility revolution in leading companies worldwide.
Alexandria Hubbard, Yankee Group Communications, +1-617-598-7226 begin_of_the_skype_highlighting +1-617-598-7226 end_of_the_skype_highlighting, firstname.lastname@example.org